Trend: Cashless Society: Phone Wallet(Japan)

Japan is setting the pace in mobile cashless commerce. Users can add value to smartcards or cell phones at thousands of automated docking stations around the country, where they insert paper money and get credit for e-cash. They can also use credit cards to replenish e-cash on the Internet. The Japan Research Institute estimates that at least 15 million Japanese are now using e-cash, a figure projected to reach 40 million -- about one in every three Japanese -- by 2008. The number of e-cash transactions reached 15.8 million per month in 2005, more than double last year's figure, according to Japan's two largest electronic money providers. E-cash is being accepted at convenience stores, department stores, cafes, restaurants, newsstands and electronics retailers -- enabling users to go shopping carrying nothing but their cell phones. At some supermarkets, up to 40 percent of all purchases are made with electronic money.

Take a look at this BBC report detailing Japan's speedy evolution from pre-pay smart cards towards the all-pervasive cellular wallet. Edy and Suica are the leading firms in Japan that dominate cashless commerce innovations.

excerpt:
"In the coming years people are going to start leaving home in the morning without cash," says Daniel Scuka of Wireless Watch Japan. "They're going to have their phone, and that's it."


See the Report here
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read transcripts here:
fhttp://www.bbcworld.com/content/clickonline_archive_43_2005.asp?pageid=665&co_pageid=3